Developer Marc Paquin's latest apartment conversion project in downtown Albany, New York would resurrect a building dating from the mid-1800s whose east wall collapsed last August.

Paquin, president of Cass Hill Development Cos. in Clifton Park, would spend $2.5 million renovating the property at 1 Columbia Place into 21 apartments if he receives tax breaks from the city Industrial Development Agency.

The vacant building is a short walk from the Albany County Courthouse, Court of Appeals and Albany City Hall.

Nearly one-quarter of the 25,368-square-foot building collapsed last August, causing "a significant structural failure," according to a letter Paquin wrote to the IDA as part of his request for the tax breaks.

The collapse happened after a severe rain storm and flash flooding on the street. The six-story building is perched on a hill, with the upper three floors visible on Columbia Place.

Paquin, who bought the property last July for $160,000, had it stabilized immediately after the collapse. Paquin also owns an off-street parking lot at 48 Sheridan Ave.

A plaque on the front of the red-brick building, mounted by Historic Albany Foundation, says it was built in 1852 by Erastus D. Palmer, a renowned sculptor and John Gavit, an engraver.

Palmer is "the first well-known American Neo-Classical scupltor to purseu his professional career at home rather than abroad in Italy," according to askart.com

Paquin has experience with converting older properties into residential units. He turned the former Boyd printing plant on Sheridan Avenue into an upscale apartment complex called The Monroe, and is converting the historic Argus building on Broadway into apartments.

At 1 Columbia Place, Paquin is seeking an estimated $1.8 million in real estate property tax exemptions, and $99,000 in savings on state sales and mortgage recording taxes.

A 20-year analysis of tax revenue prepared by IDA staff shows the city would collect an estimated $164,827 if no changes are made to the property, or $2.3 million if taxed at full value after conversion to apartments.

Paquin would pay $505,243 under a formula that factors in 11.5 percent of gross revenue during the last eight years of the project, if the tax assistance is approved by the IDA.

A public hearing is scheduled for March 11 at noon at IDA headquaerters, 21 Lodge St.